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What is SEC?<br>The U.S. Securities and Exchange Commission (SEC) oversees the key participants in the securities world. <br>Concerned with promoting disclosure of important market information, maintaining fair dealing, and protecting against fraud.<br>Responsibilities include:<br>Interpret and enforce federal securities laws <br>Issue new rules and amend existing rules <br>Oversee inspection of securities firms, brokers, investment advisers and ratings agencies <br>Oversee private regulatory organizations in securities, accounting, auditing fields <br>Coordinate U.S. securities regulation with federal, state, and foreign authorities<br><br>SEC Organization:<br>Division of Corporate Finance:Reviews documents required to be filed with the Commission<br>Division of Trading: Assists in maintaining fair, orderly and efficient markets.<br>Division of Investment Management: Maintains oversight of America’s $26T investment management industry<br>Division of Enforcement: Recommends commencement of investigations of SEC law violations<br>Division of Economic and Risk Analysis: Integrates robust economic analysis and data analytics<br><br>Laws Governing SEC:<br>Securities Act of 1933 <br>Securities Exchange Act of 1934 <br>Trust Indenture Act of 1939 <br>Investment Company Act of 1940 <br>Investment Advisers Act of 1940 <br>Sarbanes-Oxley Act of 2002 <br>Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 <br>Jumpstart Our Business Startups Act of 2012<br><br>SEC Reports:<br>8k - A report of unscheduled material events or corporate changes at a company that could be of importance to the shareholders or SEC<br>10k - Comprehensive summary report of a company's performance. Submitted annually to the SEC<br>10Q - A comprehensive report of a company's performance that must be submitted quarterly by all public companies to SEC. In10-Q, firms are required to disclose relevant information regarding their financial position. <br>18K - Use to update the SEC and investors regarding the status of a domestically traded foreign security and its issuer.<br>20F - A form issued by the SEC that must be submitted by all "foreign private issuers" that have listed equity shares on exchanges in the U.S.<br><br>SEC Investigations:<br>Can be triggered in many ways<br>Investigation is not the same as prosecution<br>Investigations involve fact finding and are usually not public<br>During an investigation, neither the staff nor the Commission makes any determination of wrongdoing <br>Following investigation, SEC staff present findings to the Commission <br>Commission can authorize the staff to file a case in federal court or bring an administrative action.
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What is SEC? • The U.S. Securities and Exchange Commission (SEC) oversees the key participants in the securities world. • Concerned with promoting disclosure of important market information, maintaining fair dealing, and protecting against fraud. • Responsibilities include: • Interpret and enforce federal securities laws • Issue new rules and amend existing rules • Oversee inspection of securities firms, brokers, investment advisers and ratings agencies • Oversee private regulatory organizations in securities, accounting, auditing fields • Coordinate U.S. securities regulation with federal, state, and foreign authorities
Laws Governing SEC • Securities Act of 1933 • Securities Exchange Act of 1934 • Trust Indenture Act of 1939 • Investment Company Act of 1940 • Investment Advisers Act of 1940 • Sarbanes-Oxley Act of 2002 • Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 • Jumpstart Our Business Startups Act of 2012
SEC Investigations • Can be triggered in many ways • Investigation is not the same as prosecution • Investigations involve fact finding and are usually not public • During an investigation, neither the staff nor the Commission makes any determination of wrongdoing • Following investigation, SEC staff present findings to the Commission • Commission can authorize the staff to file a case in federal court or bring an administrative action.
Want to learn more about SEC laws, and best practices to comply with them? ComplianceOnline webinars and seminars are a great training resource. Check out the following links: • How to Comply with U.S. Securities and Exchange Commission Laws • 2015 SEC Enforcement Initiatives and Controls to Defend Them • SEC's New Whistleblower Rules: Implications for Your Company's Compliance and Fraud Program • New SEC Guidance on Sarbanes-Oxley Section 404 • SEC Whistleblowers and Responding to Whistleblower's Complaints
